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For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. Prepaid Insurance. The Prepaid Insurance account has a $6,000 debit balance to start the year. A review of insurance policies shows that $1,550 of unexpired insurance remains at year-end